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Westpac to nab AMP budgeting app

The big four bank has revealed plans to purchase a personal finance management platform from AMP, with plans to integrate the tool into its digital banking app.

Westpac and AMP have reached an agreement on the sale of MoneyBrilliant, an app marketed as a budgeting and cash-flow tool, providing users with insights and displaying their financial accounts in one place.

The product will be integrated into Westpac’s digital banking app.

Chris de Bruin, chief executive of consumer and business banking at the big four bank, commented the acquisition is an “important step in Westpac’s digital strategy”.

“In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances,” Mr de Bruin said.

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“We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers.”

The acquisition of MoneyBrilliant is expected to be completed by January, subject to customary closing conditions. The terms of the acquisition have not been disclosed.

[Related: Banks urged to improve code of conduct compliance]

Westpac to nab AMP budgeting app
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Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

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